Nearly 3,000 unsold properties in Penang

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By N. TRISHA and IMRAN HILMY

METRO NEWS

Saturday, 02 Dec 2023

Sundarajoo (centre) with Bagan Jermal assemblyman Chee Yeeh Keen (left) and Paya Terubong
assemblyman Wong Hon Wai. With them are (back row, from left) Penang Housing Board general
manager Ainul Fadhilah Samsudi and Sungai Pinang assemblyman Lim Siew Khim at the Penang State
Assembly building. — LIM BENG TATT/The Star

Applicants’ failure to obtain loan the main cause, assembly told

THERE is currently a property overhang of 2,947 unsold units in Penang, says state housing committee
chairman Datuk Seri Sundarajoo Somu.

Of the figure, he said 503 unsold units, or 17%, were priced below RM300,000, according to the third-
quarter data of National Property Information Centre (Napic).

“Most of these units are unsold due to the applicants’ failure to obtain financing,” he said during his
winding-up speech on the state budget at the Penang State Legislative Assembly in George Town.

He was responding to Nor Zamri Latiff (PN-Sungai Bakap) who asked about unsold units priced below
RM300,000.

Sundarajoo said the state government would continue to ensure that housing development in Penang
was done in a balanced manner.
“The development of affordable housing is subsidised and needs to be provided and borne by the state
government or private developers.

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“In order to enable development to be implemented holistically, there are expensive housing
components that need to be developed to provide cross-subsidies to affordable housing,” he explained.

Sundarajoo said the implementation of the Urban Regeneration Project was the main focus of the state
government through its housing board in ensuring the continuation in the supply of affordable housing.

He said the regeneration project was a strategic step to increase land use and improve quality of life.

“There are currently five pilot projects and these will be implemented under the urban renewal
guidelines.

“However, other schemes can apply to the state government through the housing board to have their
feasibility assessed.”

Separately, state infrastructure, transport and digital development committee chairman Zairil Khir Johari
said a “Penang nature-based climate-adaptation programme” (PNBCAP) was being carried out.

He said it was considered the first urban climate-adaptation programme in Malaysia, funded through a
grant of US$10mil (RM46.5mil) given by the Adaptation Fund Board (AFB) under the United Nations.

“This five-year programme was developed in collaboration with UN Habitat, Natural Resources,
Environment and Climate Change Ministry, Penang Island City Council (MBPP) and state Drainage and
Irrigation Department.

“This allocation is given to implement programmes with nature-based solutions,” he said.

The components include urban greening, stormwater management, social resilience and institutional
capacity.

“PNBCAP will be the first urban climate adaptation policy framework in the country and has the potential
to be developed and adapted in other cities in Malaysia and the region.”

Zairil said the implementation of PNBCAP would improve quality of life in the city, reduce floods and
mitigate the effects of heat in Penang.